Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

Downtown hotel fetches $33 million

Posted by: Janet Moore Updated: January 3, 2014 - 10:50 AM

Last year, we reported that a real estate investment trust had reached an agreement to ultimately buy the old Comfort Suites hotel at 425 S. 7th St. in downtown Minneapolis, and turn it into a Hyatt Hotel.

Late Thursday, a certificate of real estate value was filed with the state that indicated the REIT bought the property for about $33 million in cash. Summit Hospitality 057 LLC, of Austin, Texas, purchased the property from BRE/Amerisuites Properties LLC in a deal that was finalized Tuesday.

Summit Hotel Properties is a leading hotel owner in the United States that acquires and owns "premium-branded, select-service hotels in the upscale and upper midscale segments of the U.S. lodging industry," according to its website.

The firm currently owns 92 hotels including four others in the Twin Cities -- a Hampton Inn & Suites and SpringHill Suites in Bloomington, a Hilton Garden Inn in Eden Prairie, and a Holiday Inn & Express in Minnetonka.

"We really like the market," said Dan Boyum, vice president of investor relations for Summit Hotel Properties.

Janet Moore covers commercial real estate for the Star Tribune.

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